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Astral Poly Technik's (ASTRA) consolidated revenue grew 10% YoY in Q2FY21, aided by 31% growth in the adhesives segment whereas pipes grew 4% (volumes up 2%).

We have upward revised our FY21E and FY23E EPS estimates at Rs 9.5 (+13%) and Rs 9.8 (+0.8%) and introduced FY23E EPS estimates at Rs10.8. We value the stock at 48x FY23E EPS to arrive at a TP of Rs 520....

Pidilite's Q2FY21 results were ahead of our estimate as the improvement in business conditions was better than our anticipation. Consumer Bazaar segment has witnessed strong recovery with +9% growth (55% decline in Q1FY21). Though B2B reported 13% YoY...

Q2 was an operationally good quarter for Concor with revenues in line and EBIDTA and PAT better than estimates (Refer Exhibit 1). Q2 revenues were at Rs15Bn down 13% YoY / up 26% QoQ led -10%/-2% volume/realization decline. EXIM/Domestic Revenue mix stood at 90:10% vs 94:6% YoY/ 84:16% QoQ. EBITDA margin came at 20.8%, sequentially better than that reported in Q1. The company has also...

Minda Corp posted weak margin performance in 2QFY21. Revenue grew 17% YoY while EBITDA remain flat dragged by contraction in gross margin. EBITDA margin stood at 10% (-187bps YoY) led by weak margin in both Mechatronics and Wiring harness segment. Net profit de-grew...

INR3,368mn mainly driven by strong growth in the Pharmaceutical segment. On segmental performance: The crop protection segment de grew by 17.9% (YoY) to INR 926mn and 12.7% (YoY) due to deferment of orders worth INR400mn which is expected to be supplied largely in Q3FY21. Pharmaceutical segment revenue surged by 34.1% to INR 2,793mn led by strong volume off-take supported by new capacity at Bangalore unit which was commissioned late last year. Despite 554bps contraction in gross margin, EBITDA margin managed to improve by 58bps to18.8%, was 29bps above our estimate. EBITDA margin was supported by 11% (YoY) decline in employee cost and flat other expenses in the growing topline. EBIT margin of the Crop protection segment declined by 1044bps...

Container Corp's (CCRI) Q2FY21 print was in line with our estimates.

eClerx (ECLX) reported a surprising growth and margin beat in Q2FY21 backed by CLX recovery and aggressive cost cuts.

Healthy replacement offtake is seen leading to a favourable channel mix (as aftermarket margins are higher on account of it being a B2C business with better pricing power), thereby leading to margin trajectory at ARBL remaining broadly stable near the ~16% mark over FY22E-23E. We expect full year FY21E margins at ~15%, notwithstanding superior Q2FY21 margin performance, as incrementally higher OEM demand in H2FY21E is seen...

Background: RBL bank (RBL) came into operations in 1943 and was incorporated as a small, regional bank in Maharashtra with two branches in Kohlapur and Sangli. Post the change in the management team in 2010, it has been one among the fastest growing private sector banks and now has 392 interconnected branches and 389 interconnected ATMs spread across 28 Indian states and union territories serving ~8.4mn customers. The bank offers a comprehensive range of banking products and services customized to cater to the needs of large corporations, SMEs, agricultural customers, retail customers and development banking...